Quote from: jeffthebaker on October 26, 2016, 07:36:28 PM

Quote from: alyssa85 on October 26, 2016, 07:26:26 PM

What do people think about the arguments in the following article:

http://www.libertylifetrail.com/2016/10/23/steemit_started_as_a_scam_and_only_got_worse/

Are they valid?

Steemit is the worst kind of crypto scam, the kind that preys on unsuspecting individuals OUTSIDE of the crypto community. When it first exploded in popularity, the new users came in the form of those unfamiliar with the crypto sphere. People were talking about getting their friends, SO's, and even mothers into Steemit. Absolutely unacceptable. Once the time and money invested by these unsuspecting users evaporates (which, for the most part, seems to already have), their faith in the overarching crypto sphere will be shaken, most likely beyond repair. Steemit is the same level as scum as Namecoin, Onecoin, and now Zcoin.

Hmmm... for all it's current shortcomings (of which there are a few), 'preying on unsuspecting individuals outside of crypto' isn't one.

I introduced a few writers to Steemit as it was precisely a risk free way of introducing them to the power of crypto. They got paid for what they were doing anyway for free. They are also a few hundred dollars richer for the experience.

Some of them are still cashing out. Not one of them was vaguely interested in trading. None of them are that interested in Steem or Steem Power or Bitcoin or any of the issues that exercises people in this forum. All they know is they're getting some fiat for powering down each week and they're get some pay-out for showcasing their content on one of a myriad of platforms that they use. At the most they're wondering if the price will go back up again. When they talk about cryptocurrencies to others its mostly in a positive light (even if they are fussy on how it all works).

I'm sure some crypto speculators and traders got burned trying to make money as the price sky-rocketed (as is the case with most coins). I'm sure there are some people that were oversold the Steemit proposition by their friends (as it the case with most money making opportunities). However it's quite clear for most people outside of crypto, that Steemit is simply a place you can get rewarded for blogging. Whether the rewards are now worth their time submitting content is another matter. If it isn't most (level-headed) people will simply dial down the time they put into the platform or leave it altogether. Simple. No 'preying' involved.

Anyone (outside of crypto) throwing money at Steem should undertake enough due diligence to know that all cryptos are risky investments. Steem being one of the riskier ones as it requires a long-term commitment (converting to Steem Power) to avoid getting beaten up by inflation. To scream 'scam' at one of the more interesting experiments in this space (that has actually delivered a working prototype) is quite baffling.